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Deals and People January 24, 2011
Former GMAM Exec to Head of BlackRock Fiduciary Management Solutions
January 24, 2011 (PLANSPONSOR.com) - BlackRock, Inc. announced that Nancy Everett will join the company as Managing Director, Head of U.S. Fiduciary Management Solutions (FMS) – a newly created position.
Reported by Rebecca Moore
Everett will lead the growth and development of BlackRock’s U.S. FMS business, which provides investment management, advisory solutions and outsourcing to large institutional clients, including U.S. pension plans, endowments and foundations. Fiduciary outsourcing mandates, in which a client retains BlackRock to assume responsibility for some or all of its assets, are managed by FMS within BlackRock’s Multi-Asset Client Solutions (BMACS) group.
At September 30, 2010, BMACS managed $90 billion in assets including $28 billion in fiduciary assignments globally.
According to the announcement, most recently, Everett served as Chief Executive Officer at Promark Global Advisors (formerly General Motors Asset Management), directing investment personnel and business strategy for the firm, which managed approximately $140 billion of client assets (see GM Pension Plan Exec Steps Down). She was responsible for the management of GM’s defined benefit and defined contribution plans.
Prior to joining Promark Global Advisors in 2005, Everett spent 26 years with the Virginia Retirement System where she held various positions in the investment department prior to being named Chief Investment Officer of the defined benefit plan.
Everett is a member of the Investment Committee for Virginia Commonwealth University School of Business Foundation, the Board of Directors for the Pacific Pension Institute, and the Expert Advisory Council for the World Bank Treasury Asset Management and Advisory, in Washington, D.C. She is a graduate of Virginia Commonwealth University.